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how to get back extra i paid
hello everybody,
In this tax time, I got a question. I got married in march,2008 but did not update my W4 till oct. When in Nov I did, I saw I am paying less Fed tax and less State tax (approx $300 less). And My HR guy at office said I will get everything back during tax refund. I got $2000 back as tax refund in 2007 when I filed as single. Now I calculated , I should get $300 X 8 = $2400 which will go towards my salary ( as for 8 months, I paid $300/month more as tax) and then my regular tax refund will be added on it So, I should get at least $ 2400 + $ 2000 (or more) as tax refund. Am I correct? But during joint filing I saw, I am not getting as per my expectation. It is only little bit more than my refund as of last year + my wife's W2. please clarify me , and also let me know how to get my salary back for those 8 months. I really want to know this. thanks, |
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I don't know what you mean by "Now i calculated , i should get $300 X 8 = $2400 which will go towards my salary ( as for 8 months, i paid $300/month more as tax) and then my regular tax refund will be added on it " and " how to get my salary back for those 8 months." The money that was taken out of your paycheck was for taxes and is refunded to you if you paid more than you owe. No one took any salary from you. Instead of your whole check going to you a portion (however large or small) went to the Government and now will be sent back to you (if you don't owe money) as a refund. Is that what you mean? |
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You pay taxes according to a chart and/or a percentage of your pay. When you fie jointly, your combinned pay is taken and the total both of you pay in for taxes. Then you use either actual or standard deductions. Unless you are very low income or have large deductions you do not get back "all of the money you paid in" and certainly not a certain dollar figure a month. You need to sit down with a tax person and let them explain income tax to you |
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Judy and Chuck are correct. What is taken out of your paycheck is tax withholding. When you complete your tax return you are calculating the amount of tax you owe. This amount is compared to what was withheld. If you overwithheld, you get a refund, if not you have to pay. So the way to get back more of what was withheld, is to reduce your tax liability with credits and deductions. |
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